Nu Holdings achieved a significant milestone in the second quarter of 2026, reporting quarterly net income exceeding $1 billion for the first time. Revenue surged 39% year-over-year to $5.9 billion, driven by strong customer expansion and deeper monetization. The company added 4 million customers during the quarter to reach a global total of 139 million, while the newly launched banking operations in Mexico reached 16 million customers by July 2026. Despite seasonal pressure on asset quality, the company's efficiency ratio remains a industry-leading 19.5%.
Key Highlights
- Net income reached a record $1.1 billion, representing a 49% increase year-over-year and supporting a return on equity (ROE) of 33%.
- Net Interest Margin (NIM) expanded to 22.9%, up 180 basis points sequentially, driven by a portfolio shift toward unsecured lending and higher-risk segments.
- Asset quality metrics showed mixed results, with the early-stage 15-90 NPL ratio improving to 4.8%, while the 90+ NPL ratio rose to 6.9% due to seasonal migration of previous early delinquencies.